My car is a 2006 Cobalt. It has been in the garage more than on the road. I owe $19000 on it. Now, the engine is blowed. I can't afford the monthly payments or insurance on it. The warrenty has expired because of the millage. Should I let it go back to the bank? I can/t afford a new engine and transmission and air conditioner, or body work done to sell it.
2007-06-16 11:43:51 · 3 answers · asked by Anonymous in Business & Finance ➔ Credit
A difficult situation to be in! Do you have someone you know who could help you repair the vheicle enough to sell it and get your money out of the vehicle? That would be the best way to go. Best Wishes!
2007-06-16 12:12:42 · answer #1 · answered by Janice 10 7 · 0⤊ 0⤋
You can let it go back to the bank, but then you'll be out the car and will also probably still owe some part of what you owe now. Letting it be reposessed doesn't cancel out your liability.
2007-06-16 12:01:51 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
"is blowed up"??? Are you for real?
Put it on blocks in front of your double-wide.
2007-06-16 11:50:26 · answer #3 · answered by Flyer 4 · 1⤊ 0⤋